Tata Motors announces dividend of ₹2 per share at 100% payout share
Auto major Tata Motors announced its Q4FY23 results on May 12 and announced a announced a final dividend of ₹2 per ordinary share and ₹2.10 per ‘A’ ordinary share of face value of ₹2 each to its shareholders for the financial year ended March 31, 2023 – which is the first by the Tata Group auto firm since fiscal 2015-16.
“We would like to inform that the Board of Directors at its Meeting held today has recommended declaration of final dividend of ₹2 per Ordinary Share of ₹2 each (@100 per cent) and ₹2.10 per ‘A’ Ordinary Share of ₹2 each (@105 per cent) for the financial year ended March 31, 2023,” said Tata Motors in a regulatory filing to the stock exchanges.
“The dividend, if declared at the AGM, shall be paid to the eligible shareholders from August 14, 2023 onwards,” it added.
In the January-March quarter, Tata Motors surpassed estimates in consolidated net profit to ₹5,407.79 crore, compared to a net loss of ₹1,032.84 crore in the corresponding quarter a year ago. Sequentially, the Q4FY23 PAT saw a growth of nearly 83 per cent. The company’s top-line front is also strong with an upside of over 35 per cent YoY in revenue.
“Passenger vehicle sales grew steeply in FY23 to set a new record for the Indian auto industry. Tata Motors recorded its third successive year of industry beating growth to register its highest ever-annual domestic sales and achieving a robust 46 per cent sales growth over FY22.
Tata Motors crossed the significant landmark of 50,000 annual sales in EV’s, its highest ever, to post a growth of 154 per cent over FY22,” said Shailesh Chandra, Managing Director Tata Motors Passenger Vehicles Ltd & Tata Passenger Electric Mobility Limited.
On March 12, shares of Tata Motors settled 0.78 per cent higher at ₹515.65 apiece on the BSE.
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